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FCA statement on share trading obligations
The EU MiFID II and onshored UK MiFID regimes both have share trading obligations (STOs) which mandate investment firms to trade certain shares on regulated markets, multilateral trading facilities, systematic internalisers or third-country trading venues assessed as equivalent by the EU and UK respectively. ESMA has today published its expectations for the STO in the EU in the event of a no-deal Brexit and in the absence of an equivalence decision in respect of the UK by the European Commission (EC). The statement from ESMA has made clear that the EU’s STO will apply to all shares traded on EU27 trading venues ... (full story)